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Fashion brands, musicians, celebrities, and artists are clamouring to launch non-fungible tokens. These unique digital assets enable ownership rights verification and storage on a blockchain. But just like all commodities, the non-fungible tokens require a dedicated place to buy and sell.
That is how NFT marketplace development came into being. It is not easy and requires a mixture of creative, technical and marketing skills to build a stronger frontend and backend. However, for the success of an NFT marketplace, it is very important to strategize its features.
1. Store Façade
Just like an e-commerce website, the NFT marketplace must have a highly intuitive storefront. It must show the images of the NFTs, offer some portion of the information about the NFTs, their price, rarity, and more details.
2. Bid on NFTs
Offering buyers different ways to buy an NFT is an interesting feature that not many NFT marketplaces have. One way is to buy the NFT at the listing price. Another is to be able to bid for the NFT. Allowing buyers to bid for NFTs that are for sale or are not listed for sale makes buying NFT’s interesting. That’s because NFT collectors get a chance to get good deals and then they can sell these NFTs at a higher price.
Also, when you create NFT marketplace platforms make sure it’s easy for the sellers to publish an NFT with a “place bid” option.
3. Sell NFT in Bundles
Buying and selling NFTs in bundles is a great way to attract NFT investors. This is because the collectors can save on high gas fees and quickly buy matching NFTs. With this option, sellers can easily list their NFTs as available to be sold as bundles. Also, the buyers can bundle NFTs together and make quick buys.
To make the buying process faster for the NFT buyers, the NFT marketplace development company must make sure the front page has a search bar. The buyers must be able to search NFT with an artist’s name, rating, type, or any more details.
Search filters are a must as they speed up the buying process for the buyers. Filters like low to high Price, low to high popularity, and low to high rating, rarity, or artist type make buying choices easier.
From a seller’s perspective, it should be easy for the seller to put their NFTs in suitable categories.
6. Easy listings
Listing an NFT on the marketplace should be easy. The seller should be able to easily upload multiple formats of files, mint the NFTs, list them, and mention their details like rarity, artist details, and more.
7. Integrated Wallet
The safety of the NFTs is one of the most important considerations for both buyers and sellers. And that is why having an integrated wallet is very important for the marketplace. The wallet must be secure and the user should be able to use it with ease.
Ratings are very useful for both NFT buyers and sellers. The ratings make it easy for buyers to buy only reputed or potential NFTs. With simple like or rate buttons, buyers can provide feedback for future buyers.
9. Referral Rewards
NFT buying is very popular nowadays. NFT collectors keep looking for recommendations and keep providing recommendations. However, if they can earn crypto for referring their friends, the NFT marketplace can grab the attention of more users.
To make referrals easy, the NFT marketplace must allow each user a unique referral link that he can share with his friends and families to earn a percentage of sales they do on the marketplace.
10. Rarity Traits
How does it sound to easily find a rare NFT at a good price in an NFT marketplace? While listing an NFT, the seller can put in the traits of the NFT, and based on this the marketplace can indicate to the buyer how much % of the other NFTs hold the same trait. This is a clear indicator of how rare a particular NFT and its traits are.
The NFT craze is inevitable and marketplaces are important to ensure a similar response in the future. In action, Antier Solutions owns deep-rooted experience in developing NFT marketplaces for a wide variety of customers. We are a team of 300+ blockchain consultants offering world class services.
If you are looking forward to entering the NFT space with a competitive marketplace like OpenSea or Rarible, reach us today.
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